Market Insider

Stocks making the biggest moves in the premarket: Palantir, MicroStrategy, CoreLogic & more

Wall Street points to higher open as stocks look to add to record levels
Wall Street points to higher open as stocks look to add to record levels

Take a look at some of the biggest movers in the premarket:

Palantir Technologies (PLTR) – The business analytics company's stock sank 6.2% in the premarket after reporting a quarterly loss, although revenue did top Street estimates on a jump in new contracts.

AutoNation (AN) – The auto retailer beat estimates by 42 cents a share, with quarterly profit of $2.43 per share. Revenue also came in above estimates as demand remains high amid tight inventories. AutoNation announced the addition of $1 billion to its share repurchase program, and its shares are up 1.9% in premarket trading.

MicroStrategy (MSTR) – The business analytics company continues to benefit from its substantial investment in bitcoin, which is now near the $50,000 mark. Its shares jumped another 5% in the premarket.

Constellation Brands (STZ) – Beer brewer AB InBev (BUD) is suing Constellation over its use of the Corona brand name for its hard seltzer. AB InBev contends that a 2013 deal between the two involving the brand name did not allow Constellation to use it for products other than beer. Shares of AB InBev are up 3% in premarket trading.

CoreLogic (CLGX) – CoStar Group (CSGP) submitted a new bid to acquire rival real estate data provider CoreLogic worth $95.76 per share in stock, following CoreLogic's Feb. 4 agreement to be acquired by private-equity firms Stone Capital and Insight Partners for $80 per share in cash. CoStar made its new bid in a letter to the CoreLogic board, saying that it was stunned to hear that CoreLogic had accepted that deal over its prior bid of $86.30 per share in stock. CoreLogic rose 5.5% in premarket trading, while CoStar is down 3.4%.

Southwest Airlines (LUV) – The airline said it continues to experience a significant year-over-year impact on passenger demand due to Covid-19, although it said it does expect an improvement from February to March. Southwest shares climbed 2.2% in the premarket.

CVS Health (CVS) – CVS reported quarterly earnings of $1.30 per share, 6 cents a share above estimates. Revenue also topped Wall Street forecasts, helped in part by Covid-19 testing and vaccinations at its pharmacies. Its shares rose 2.4% in premarket trading.

Progressive (PGR) – The insurer struck a deal to acquire Protective Insurance (PTVCB) for $23.30 per share in cash, compared to Protective's Friday close of $15.01 per share. Protective shares spiked by about 47% in premarket trading.

Apple (AAPL) – Automaker Nissan said it is not in talks with Apple about a possible autonomous vehicle joint venture. A report in the Financial Times had said the two companies briefly discussed the matter, but those talks faltered.

Facebook (FB) – Facebook is designing a smartwatch that would have messaging features as well as provide health and fitness information, according to technology website The Information, quoting people familiar with the matter. Sales of the device would start next year, according to the report.

Nvidia (NVDA) – The Federal Trade Commission has opened an investigation into the graphics chipmaker's deal to buy U.K.-based chip designer Arm Holdings for as much as $40 billion. The deal had reportedly been the subject of protests to regulators by Alphabet (GOOGL), Qualcomm (QCOM) and Microsoft (MSFT). Nonetheless, Nvidia shares rose 1.2% in premarket action.

Bristol-Myers Squibb (BMY) – Bristol and French partner Sanofi (SNY) will pay more than $834 million to Hawaii in a case involving the blood-thinning drug Plavix. The state had accused the drugmakers of failing to warn non-white patients of the risks associated with the drug. Bristol and Sanofi said the ruling was not consistent with the evidence and vowed to appeal.

Toyota Motor (TM) – The automaker will suspend production at nine factories in Japan following an earthquake that struck Japan's northeast region last week. Toyota did not specify the impact on production. Its shares are down 1.1 % in premarket trading.

Cintas (CTAS) – The provider of uniforms and building services gave a better-than-expected current-quarter earnings outlook, saying it now has a clearer picture of the impact of Covid-19 on its business and that its balance sheet remains solid.